The Growth Fund of America®
Investment portfolio
May 31, 2020
unaudited
Common stocks 92.50% Information technology 23.01% | Shares | Value (000) |
Microsoft Corp. | 54,587,356 | $10,003,133 |
Broadcom Inc. | 11,130,909 | 3,242,100 |
ASML Holding NV1 | 6,728,529 | 2,202,597 |
ASML Holding NV (New York registered) | 3,116,182 | 1,026,813 |
Mastercard Inc., Class A | 9,455,641 | 2,845,108 |
PayPal Holdings, Inc.2 | 15,472,493 | 2,398,391 |
Autodesk, Inc.2 | 10,491,221 | 2,207,143 |
Taiwan Semiconductor Manufacturing Co., Ltd.1 | 168,618,820 | 1,642,214 |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 10,540,071 | 530,482 |
Visa Inc., Class A | 8,455,133 | 1,650,780 |
ServiceNow, Inc.2 | 4,148,495 | 1,609,326 |
RingCentral, Inc., Class A2 | 4,822,032 | 1,322,442 |
MongoDB, Inc., Class A2 | 4,840,440 | 1,123,514 |
Shopify Inc., Class A, subordinate voting shares2 | 1,428,592 | 1,082,587 |
FleetCor Technologies, Inc.2,3 | 4,338,618 | 1,057,712 |
Advanced Micro Devices, Inc.2 | 17,628,900 | 948,435 |
Fiserv, Inc.2 | 6,664,272 | 711,544 |
Atlassian Corp. PLC, Class A2 | 3,626,765 | 672,040 |
Applied Materials, Inc. | 11,474,244 | 644,623 |
Adobe Inc.2 | 1,604,451 | 620,281 |
Intel Corp. | 9,315,039 | 586,195 |
Keyence Corp.1 | 1,242,900 | 511,861 |
Accenture PLC, Class A | 2,116,979 | 426,825 |
Micron Technology, Inc.2 | 8,383,466 | 401,652 |
Samsung Electronics Co., Ltd.1 | 9,782,006 | 401,632 |
Apple Inc. | 1,226,868 | 390,070 |
DocuSign, Inc.2 | 2,564,596 | 358,377 |
Trimble Inc.2 | 8,668,285 | 339,103 |
Alteryx, Inc., Class A2 | 2,303,925 | 331,627 |
Square, Inc., Class A2 | 3,916,403 | 317,542 |
Motorola Solutions, Inc. | 2,090,000 | 282,840 |
Tyler Technologies, Inc.2 | 741,000 | 278,105 |
Guidewire Software, Inc.2 | 2,689,722 | 275,912 |
Analog Devices, Inc. | 2,150,451 | 242,893 |
Jack Henry & Associates, Inc. | 1,277,587 | 231,064 |
Global Payments Inc. | 1,217,895 | 218,600 |
Paycom Software, Inc.2 | 683,753 | 203,232 |
Ceridian HCM Holding Inc.2 | 2,938,966 | 202,407 |
NetApp, Inc. | 3,788,062 | 168,720 |
Workday, Inc., Class A2 | 909,691 | 166,865 |
Zendesk, Inc.2 | 1,825,000 | 156,494 |
SS&C Technologies Holdings, Inc. | 2,647,561 | 153,281 |
NortonLifeLock Inc. | 6,462,290 | 147,211 |
CrowdStrike Holdings, Inc., Class A2 | 1,626,098 | 142,788 |
VMware, Inc., Class A2 | 894,694 | 139,814 |
Zoom Video Communications, Inc., Class A2 | 696,266 | 124,966 |
HubSpot, Inc.2 | 589,759 | 117,916 |
The Growth Fund of America — Page 1 of 13
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) |
Nice Ltd. (ADR)2 | 566,780 | $105,500 |
Amphenol Corp., Class A | 1,074,733 | 103,776 |
EPAM Systems, Inc.2 | 421,064 | 97,114 |
ON Semiconductor Corp.2 | 5,828,449 | 96,111 |
Elastic NV, non-registered shares2 | 1,115,133 | 95,812 |
LiveRamp Holdings, Inc.2 | 1,341,462 | 67,650 |
GoDaddy Inc., Class A2 | 790,399 | 61,058 |
Qorvo, Inc.2 | 524,083 | 54,892 |
VeriSign, Inc.2 | 248,800 | 54,490 |
CDK Global, Inc. | 1,201,940 | 47,248 |
salesforce.com, inc.2 | 270,202 | 47,229 |
Anaplan, Inc.2 | 917,000 | 42,109 |
Arista Networks, Inc.2 | 168,047 | 39,232 |
Smartsheet Inc., Class A2 | 647,693 | 37,346 |
TeamViewer AG1,2 | 629,345 | 32,061 |
TeamViewer AG1,2 | 95,655 | 4,873 |
Flex Ltd.2 | 3,456,200 | 33,560 |
Cree, Inc.2 | 599,100 | 31,567 |
QUALCOMM Inc. | 387,737 | 31,360 |
Datadog, Inc., Class A2 | 307,221 | 21,896 |
Coupa Software Inc.2 | 86,500 | 19,680 |
45,983,821 | ||
Communication services 18.87% | ||
Facebook, Inc., Class A2 | 52,538,591 | 11,825,912 |
Netflix, Inc.2,3 | 26,797,503 | 11,247,716 |
Alphabet Inc., Class C2 | 3,194,485 | 4,564,663 |
Alphabet Inc., Class A2 | 1,894,567 | 2,715,900 |
Charter Communications, Inc., Class A2 | 4,331,196 | 2,356,171 |
Activision Blizzard, Inc. | 28,116,895 | 2,023,854 |
T-Mobile US, Inc.2 | 8,607,193 | 861,064 |
Comcast Corp., Class A | 17,345,010 | 686,862 |
Snap Inc., Class A2 | 15,796,624 | 299,188 |
Pinterest, Inc., Class A2 | 10,907,339 | 221,310 |
Zillow Group, Inc., Class C, nonvoting shares2 | 2,025,542 | 117,461 |
Zillow Group, Inc., Class A2 | 1,025,264 | 59,425 |
Nintendo Co., Ltd.1 | 348,000 | 140,646 |
Electronic Arts Inc.2 | 925,850 | 113,768 |
SoftBank Group Corp.1 | 2,462,700 | 110,613 |
ViacomCBS Inc., Class B | 5,150,000 | 106,811 |
New York Times Co., Class A | 2,660,000 | 104,352 |
Live Nation Entertainment, Inc.2 | 1,000,000 | 49,160 |
Iridium Communications Inc.2 | 1,457,900 | 33,532 |
Liberty Broadband Corp., Class C, nonvoting shares2 | 235,200 | 32,133 |
Fox Corp., Class A | 859,388 | 25,068 |
GCI Liberty, Inc., Class A2 | 233,000 | 16,121 |
37,711,730 | ||
Health care 17.53% | ||
UnitedHealth Group Inc. | 17,577,576 | 5,358,524 |
Abbott Laboratories | 27,657,133 | 2,625,215 |
Thermo Fisher Scientific Inc. | 6,821,589 | 2,382,031 |
Vertex Pharmaceuticals Inc.2 | 8,078,267 | 2,326,218 |
Regeneron Pharmaceuticals, Inc.2 | 3,383,775 | 2,073,611 |
Gilead Sciences, Inc. | 19,631,621 | 1,527,929 |
The Growth Fund of America — Page 2 of 13
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Seattle Genetics, Inc.2,3 | 9,134,440 | $1,436,025 |
Illumina, Inc.2 | 3,174,669 | 1,152,564 |
Humana Inc. | 2,272,011 | 933,001 |
BioMarin Pharmaceutical Inc.2 | 8,495,429 | 905,188 |
Edwards Lifesciences Corp.2 | 3,660,147 | 822,508 |
Boston Scientific Corp.2 | 20,735,379 | 787,737 |
Centene Corp.2 | 11,844,547 | 784,701 |
Amgen Inc. | 3,160,733 | 726,020 |
Intuitive Surgical, Inc.2 | 1,249,384 | 724,680 |
Cigna Corp. | 3,516,595 | 693,895 |
Insulet Corp.2,3 | 3,382,472 | 637,833 |
Teva Pharmaceutical Industries Ltd. (ADR)2 | 49,403,721 | 619,029 |
Eli Lilly and Co. | 3,842,630 | 587,730 |
Daiichi Sankyo Co., Ltd.1 | 6,018,800 | 563,865 |
Allogene Therapeutics, Inc.2,3 | 11,169,127 | 537,905 |
Neurocrine Biosciences, Inc.2 | 4,161,768 | 519,222 |
Sarepta Therapeutics, Inc.2 | 2,625,631 | 399,805 |
Zoetis Inc., Class A | 2,629,557 | 366,534 |
Bluebird Bio, Inc.2,3 | 5,496,422 | 349,737 |
Ultragenyx Pharmaceutical Inc.2,3 | 5,058,267 | 346,289 |
ResMed Inc. | 1,998,338 | 321,373 |
Mettler-Toledo International Inc.2 | 386,408 | 307,194 |
Stryker Corp. | 1,540,458 | 301,514 |
Allakos Inc.2,3 | 4,631,966 | 301,078 |
Teladoc Health, Inc.2 | 1,701,000 | 296,076 |
AbbVie Inc. | 2,782,747 | 257,877 |
Biohaven Pharmaceutical Holding Co. Ltd.2,3 | 3,631,770 | 226,877 |
Anthem, Inc. | 700,968 | 206,162 |
CVS Health Corp. | 3,085,349 | 202,306 |
PerkinElmer, Inc. | 2,004,941 | 201,436 |
Novo Nordisk A/S, Class B1 | 3,066,539 | 199,929 |
Zimmer Biomet Holdings, Inc. | 1,574,950 | 198,979 |
NovoCure Ltd.2 | 2,856,017 | 192,581 |
DexCom, Inc.2 | 462,300 | 174,893 |
Baxter International Inc. | 1,771,837 | 159,483 |
Molina Healthcare, Inc.2 | 822,675 | 152,869 |
Danaher Corp. | 877,654 | 146,226 |
Pfizer Inc. | 3,585,012 | 136,912 |
Incyte Corp.2 | 1,333,366 | 135,883 |
Madrigal Pharmaceuticals, Inc.2,3 | 814,651 | 94,516 |
Galapagos NV1,2 | 443,146 | 90,805 |
Verily Life Sciences LLC1,2,4,5 | 673,374 | 83,909 |
Cortexyme, Inc.2,3 | 1,508,153 | 69,511 |
AstraZeneca PLC1 | 636,287 | 67,653 |
Grail, Inc.1,2,4,5,6 | 10,878,487 | 55,567 |
GW Pharmaceuticals PLC (ADR)2 | 384,854 | 47,241 |
BeiGene, Ltd. (ADR)2 | 239,332 | 39,619 |
Global Blood Therapeutics, Inc.2 | 550,000 | 38,456 |
Acerta Pharma BV1,2,4,5 | 273,779,325 | 34,907 |
Alnylam Pharmaceuticals, Inc.2 | 213,500 | 28,880 |
Sage Therapeutics, Inc.2 | 670,643 | 23,955 |
PPD, Inc.2 | 833,000 | 22,691 |
The Growth Fund of America — Page 3 of 13
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) |
Adaptive Biotechnologies Corp.2 | 541,300 | $20,948 |
CRISPR Therapeutics AG2 | 177,000 | 11,431 |
35,037,533 | ||
Consumer discretionary 14.43% | ||
Amazon.com, Inc.2 | 4,244,406 | 10,366,410 |
Tesla, Inc.2 | 5,145,353 | 4,296,370 |
Home Depot, Inc. | 7,288,059 | 1,810,937 |
Alibaba Group Holding Ltd. (ADR)2 | 5,405,126 | 1,120,969 |
Alibaba Group Holding Ltd.1,2 | 15,940,936 | 410,946 |
NIKE, Inc., Class B | 10,449,928 | 1,030,154 |
Chipotle Mexican Grill, Inc.2 | 782,091 | 785,149 |
Booking Holdings Inc.2 | 434,156 | 711,764 |
Peloton Interactive, Inc., Class A2 | 13,980,700 | 589,846 |
D.R. Horton, Inc. | 10,229,699 | 565,702 |
Flutter Entertainment PLC (GBP denominated)1 | 2,265,329 | 288,665 |
Flutter Entertainment PLC (EUR denominated)1 | 1,999,346 | 257,041 |
LVMH Moët Hennessy-Louis Vuitton SE1 | 1,176,174 | 492,535 |
Royal Caribbean Cruises Ltd. | 8,843,530 | 458,714 |
Hilton Worldwide Holdings Inc. | 4,998,322 | 396,417 |
NVR, Inc.2 | 120,900 | 389,493 |
Las Vegas Sands Corp. | 8,045,358 | 385,694 |
Burlington Stores, Inc.2 | 1,829,832 | 383,661 |
General Motors Co. | 10,900,000 | 282,092 |
Hermès International1 | 333,054 | 277,667 |
Vail Resorts, Inc. | 1,288,649 | 255,578 |
Grand Canyon Education, Inc.2,3 | 2,592,244 | 252,977 |
Darden Restaurants, Inc. | 3,207,500 | 246,528 |
Marriott International, Inc., Class A | 2,624,066 | 232,230 |
Bright Horizons Family Solutions Inc.2 | 1,886,000 | 211,006 |
Restaurant Brands International Inc. | 3,612,005 | 197,071 |
Mattel, Inc.2,3 | 19,340,066 | 178,122 |
Lennar Corp., Class A | 2,601,349 | 157,278 |
Dollar General Corp. | 793,000 | 151,867 |
Domino’s Pizza, Inc. | 379,700 | 146,503 |
Sony Corp.1 | 2,267,900 | 144,823 |
EssilorLuxottica1,2 | 1,024,633 | 132,313 |
Floor & Decor Holdings, Inc., Class A2 | 2,521,027 | 131,093 |
Five Below, Inc.2 | 1,035,000 | 108,313 |
Evolution Gaming Group AB1,2 | 1,782,719 | 105,581 |
ServiceMaster Global Holdings, Inc.2 | 2,993,302 | 98,480 |
Industria de Diseño Textil, SA1 | 3,393,662 | 94,865 |
Wynn Resorts, Ltd. | 1,089,962 | 90,772 |
Moncler SpA1,2 | 2,416,254 | 90,236 |
Kering SA1 | 165,882 | 86,959 |
Aramark | 3,107,000 | 80,440 |
Wayfair Inc., Class A2 | 305,219 | 52,360 |
Toll Brothers, Inc. | 1,570,833 | 50,754 |
Naspers Ltd., Class N1 | 304,345 | 48,393 |
Prosus NV1,2 | 532,891 | 44,368 |
YUM! Brands, Inc. | 480,198 | 43,088 |
lululemon athletica inc.2 | 124,400 | 37,332 |
DraftKings Inc., Class A2 | 862,000 | 34,221 |
The Growth Fund of America — Page 4 of 13
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
Carnival Corp., units | 1,285,000 | $20,226 |
Volkswagen AG1,2 | 108,884 | 17,143 |
28,841,146 | ||
Industrials 6.08% | ||
CSX Corp. | 28,371,916 | 2,030,862 |
TransDigm Group Inc.3 | 3,505,338 | 1,489,138 |
Old Dominion Freight Line, Inc.3 | 6,699,126 | 1,146,153 |
Northrop Grumman Corp. | 2,438,264 | 817,306 |
Honeywell International Inc. | 3,441,106 | 501,885 |
Lockheed Martin Corp. | 1,231,588 | 478,398 |
Airbus SE, non-registered shares1,2 | 7,517,083 | 477,617 |
Union Pacific Corp. | 2,762,664 | 469,266 |
L3Harris Technologies, Inc. | 2,234,271 | 445,625 |
Equifax Inc. | 2,090,351 | 320,994 |
Safran SA1,2 | 2,979,538 | 285,862 |
Uber Technologies, Inc.2 | 7,109,211 | 258,207 |
Raytheon Technologies Corp. | 3,997,000 | 257,886 |
Carrier Global Corp.2 | 12,210,800 | 249,955 |
Rolls-Royce Holdings PLC1,2 | 62,827,039 | 211,986 |
Rolls-Royce Holdings PLC1 | 2,926,112 | 9,873 |
Delta Air Lines, Inc. | 8,436,000 | 212,672 |
Caterpillar Inc. | 1,651,049 | 198,340 |
BWX Technologies, Inc. | 3,153,105 | 197,290 |
Boeing Co. | 1,136,800 | 165,802 |
Westinghouse Air Brake Technologies Corp. | 2,465,909 | 150,593 |
Fortive Corp. | 2,439,393 | 148,754 |
Norfolk Southern Corp. | 831,150 | 148,186 |
Harmonic Drive Systems Inc.1 | 2,501,800 | 144,627 |
HEICO Corp. | 900,400 | 90,724 |
HEICO Corp., Class A | 597,421 | 50,154 |
Waste Management, Inc. | 1,315,000 | 140,376 |
Deere & Co. | 683,669 | 104,000 |
Stanley Black & Decker, Inc. | 820,000 | 102,869 |
Waste Connections, Inc. | 1,062,798 | 99,945 |
MTU Aero Engines AG1,2 | 592,837 | 95,147 |
Recruit Holdings Co., Ltd.1 | 2,430,000 | 83,840 |
Otis Worldwide Corp. | 1,359,500 | 71,578 |
AMETEK, Inc. | 775,196 | 71,093 |
Cummins Inc. | 400,000 | 67,840 |
ASSA ABLOY AB, Class B1 | 3,035,000 | 61,697 |
Epiroc AB, Class B1 | 4,340,674 | 48,527 |
Epiroc AB, Class A1 | 646,917 | 7,211 |
Experian PLC1 | 1,455,000 | 50,800 |
Armstrong World Industries, Inc. | 635,689 | 47,925 |
Generac Holdings Inc.2 | 380,200 | 42,305 |
Lennox International Inc. | 196,000 | 41,913 |
Jacobs Engineering Group Inc. | 375,031 | 31,510 |
Ryanair Holdings PLC (ADR)2 | 159,200 | 11,426 |
12,138,157 | ||
Financials 5.30% | ||
Berkshire Hathaway Inc., Class B2 | 5,283,046 | 980,427 |
Berkshire Hathaway Inc., Class A2 | 195 | 54,335 |
CME Group Inc., Class A | 4,329,108 | 790,495 |
The Growth Fund of America — Page 5 of 13
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) |
First Republic Bank | 6,894,520 | $745,780 |
Intercontinental Exchange, Inc. | 6,891,353 | 670,184 |
JPMorgan Chase & Co. | 6,829,461 | 664,575 |
BlackRock, Inc. | 953,600 | 504,111 |
Bank of America Corp. | 14,878,178 | 358,862 |
Marsh & McLennan Cos., Inc. | 3,189,950 | 337,880 |
AIA Group Ltd.1 | 41,304,695 | 336,748 |
PNC Financial Services Group, Inc. | 2,877,312 | 328,129 |
SVB Financial Group2 | 1,486,470 | 319,219 |
Goldman Sachs Group, Inc. | 1,572,595 | 308,999 |
S&P Global Inc. | 937,999 | 304,868 |
Arch Capital Group Ltd.2 | 10,609,843 | 299,410 |
Fannie Mae2 | 127,225,509 | 268,446 |
HDFC Bank Ltd. (ADR) | 3,205,295 | 134,078 |
HDFC Bank Ltd.1 | 8,630,879 | 108,820 |
Progressive Corp. | 2,723,000 | 211,523 |
Willis Towers Watson PLC | 1,001,866 | 203,279 |
London Stock Exchange Group PLC1 | 1,984,413 | 197,575 |
Morgan Stanley | 4,469,915 | 197,570 |
Federal Home Loan Mortgage Corp.2 | 91,396,254 | 191,932 |
Carlyle Group Inc. | 6,780,000 | 187,535 |
Onex Corp. | 3,918,339 | 183,872 |
KKR & Co. Inc. | 6,180,508 | 171,509 |
Legal & General Group PLC1 | 68,835,192 | 170,038 |
Chubb Ltd. | 1,292,458 | 157,602 |
Moody’s Corp. | 572,450 | 153,079 |
MSCI Inc. | 459,095 | 150,973 |
Capital One Financial Corp. | 1,915,660 | 130,342 |
American International Group, Inc. | 3,518,574 | 105,768 |
Wells Fargo & Co. | 3,680,992 | 97,436 |
The Blackstone Group Inc., Class A | 1,658,516 | 94,204 |
Aon PLC, Class A | 475,950 | 93,738 |
Travelers Cos., Inc. | 616,100 | 65,910 |
Ares Management Corp., Class A | 1,616,865 | 61,053 |
Royal Bank of Canada | 746,162 | 48,411 |
State Street Corp. | 785,417 | 47,879 |
Tradeweb Markets Inc., Class A | 678,000 | 44,721 |
Bank of New York Mellon Corp. | 1,025,019 | 38,100 |
East West Bancorp, Inc. | 1,004,500 | 35,107 |
Clarivate PLC2 | 1,186,000 | 27,148 |
Fifth Third Bancorp | 556,055 | 10,782 |
10,592,452 | ||
Consumer staples 2.34% | ||
Costco Wholesale Corp. | 4,287,317 | 1,322,509 |
Philip Morris International Inc. | 10,812,334 | 793,193 |
Estée Lauder Cos. Inc., Class A | 2,415,885 | 477,065 |
Constellation Brands, Inc., Class A | 2,581,798 | 445,876 |
Reckitt Benckiser Group PLC1 | 4,871,969 | 435,804 |
Herbalife Nutrition Ltd.2,3 | 9,120,065 | 399,824 |
Kerry Group PLC, Class A1 | 1,984,777 | 246,577 |
Altria Group, Inc. | 4,894,509 | 191,131 |
British American Tobacco PLC1 | 2,081,852 | 82,331 |
Grocery Outlet Holding Corp.2 | 1,537,200 | 56,584 |
Church & Dwight Co., Inc. | 564,307 | 42,362 |
The Growth Fund of America — Page 6 of 13
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
JUUL Labs, Inc., Class A1,2,4,5 | 433,213 | $38,378 |
Nestlé SA1 | 334,000 | 36,162 |
Procter & Gamble Co. | 275,000 | 31,878 |
Keurig Dr Pepper Inc. | 1,103,560 | 30,811 |
Danone SA1,2 | 288,317 | 19,763 |
Glanbia PLC1 | 1,437,278 | 15,705 |
Pernod Ricard SA1 | 70,804 | 11,057 |
4,677,010 | ||
Energy 1.95% | ||
EOG Resources, Inc. | 21,620,392 | 1,101,991 |
Concho Resources Inc.3 | 13,190,611 | 719,152 |
Diamondback Energy, Inc.3 | 11,560,837 | 492,260 |
Baker Hughes Co., Class A | 18,170,779 | 300,000 |
Chevron Corp. | 2,684,336 | 246,154 |
Suncor Energy Inc. | 9,283,421 | 159,595 |
Pioneer Natural Resources Co. | 1,386,238 | 126,979 |
ConocoPhillips | 2,915,239 | 122,965 |
Exxon Mobil Corp. | 2,007,949 | 91,301 |
Hess Corp. | 1,789,435 | 84,945 |
Noble Energy, Inc. | 9,457,000 | 82,560 |
Canadian Natural Resources, Ltd. (CAD denominated) | 3,519,401 | 64,286 |
Canadian Natural Resources, Ltd. | 525,500 | 9,512 |
BP PLC1 | 17,000,000 | 64,554 |
Cenovus Energy Inc. | 13,864,000 | 60,416 |
Murphy Oil Corp. | 4,448,540 | 53,160 |
Parsley Energy, Inc., Class A | 3,500,000 | 31,990 |
Schlumberger Ltd. | 1,661,206 | 30,683 |
Equitrans Midstream Corp. | 3,283,738 | 26,565 |
Halliburton Co. | 914,663 | 10,747 |
Weatherford International2,3 | 4,369,722 | 8,740 |
3,888,555 | ||
Real estate 1.59% | ||
Equinix, Inc. REIT | 1,858,044 | 1,296,227 |
American Tower Corp. REIT | 3,777,190 | 975,157 |
SBA Communications Corp. REIT | 1,550,243 | 486,978 |
Digital Realty Trust, Inc. REIT | 2,281,685 | 327,559 |
Crown Castle International Corp. REIT | 480,198 | 82,671 |
3,168,592 | ||
Materials 1.29% | ||
Sherwin-Williams Co. | 1,044,357 | 620,191 |
Shin-Etsu Chemical Co., Ltd.1 | 4,351,000 | 510,553 |
Linde PLC | 1,358,839 | 274,948 |
Rio Tinto PLC1 | 5,101,189 | 273,428 |
Vale SA, ordinary nominative | 13,510,365 | 134,185 |
Vale SA, ordinary nominative (ADR) | 7,137,628 | 69,663 |
Freeport-McMoRan Inc. | 17,768,120 | 161,157 |
Celanese Corp. | 1,521,123 | 136,764 |
Norsk Hydro ASA1,2 | 28,095,693 | 71,717 |
Allegheny Technologies Inc.2,3 | 7,458,575 | 64,740 |
PPG Industries, Inc. | 587,987 | 59,781 |
LyondellBasell Industries NV | 801,166 | 51,082 |
Asahi Kasei Corp.1 | 5,858,200 | 46,279 |
The Growth Fund of America — Page 7 of 13
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) |
Wheaton Precious Metals Corp. (CAD denominated) | 622,200 | $26,807 |
Packaging Corp. of America | 209,321 | 21,227 |
Barrick Gold Corp. | 832,700 | 19,985 |
Franco-Nevada Corp. | 137,000 | 19,259 |
Alcoa Corp.2 | 1,983,418 | 18,267 |
2,580,033 | ||
Utilities 0.11% | ||
Xcel Energy Inc. | 2,800,000 | 182,084 |
NextEra Energy, Inc. | 125,000 | 31,945 |
214,029 | ||
Total common stocks (cost: $94,798,669,000) | 184,833,058 | |
Preferred securities 0.67% Financials 0.55% | ||
Fannie Mae, Series S, 8.25% noncumulative, preferred shares2 | 41,175,677 | 368,522 |
Fannie Mae, Series T, 8.25% noncumulative, preferred shares2 | 16,710,351 | 136,189 |
Fannie Mae, Series O, 7.00% noncumulative, preferred shares2 | 6,554,622 | 92,682 |
Fannie Mae, Series R, 7.625% noncumulative, preferred shares2 | 3,680,090 | 28,852 |
Fannie Mae, Series P, 4.50% noncumulative, preferred shares2 | 755,000 | 5,512 |
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative, preferred shares2 | 49,550,079 | 443,473 |
Federal Home Loan Mortgage Corp., Series V, 5.57% noncumulative, preferred shares2 | 2,031,012 | 14,156 |
Federal Home Loan Mortgage Corp., Series X, 6.02% noncumulative, preferred shares2 | 239,000 | 1,972 |
1,091,358 | ||
Consumer discretionary 0.10% | ||
Waymo LLC, Series A-2, 8.00% noncumulative, preferred shares1,2,4,5 | 1,164,589 | 100,000 |
GM Cruise Holdings LLC, Series F, preferred shares1,2,4,5 | 5,205,500 | 73,294 |
Volkswagen AG, nonvoting preferred shares1,2 | 209,260 | 30,678 |
203,972 | ||
Information technology 0.02% | ||
Samsung Electronics Co., Ltd., nonvoting preferred shares1 | 920,159 | 31,936 |
Total preferred securities (cost: $1,221,437,000) | 1,327,266 | |
Rights & warrants 0.00% Financials 0.00% | ||
American International Group, Inc., warrants, expire 20212 | 1,988,397 | 1,789 |
Total rights & warrants (cost: $29,977,000) | 1,789 | |
Bonds, notes & other debt instruments 0.05% U.S. Treasury bonds & notes 0.05% U.S. Treasury 0.05% | Principal amount (000) | |
U.S. Treasury 2.00% 2050 | $85,631 | 97,950 |
Total U.S. Treasury bonds & notes | 97,950 |
The Growth Fund of America — Page 8 of 13
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds & notes 0.00% Energy 0.00% | Principal amount (000) | Value (000) |
Weatherford International PLC 11.00% 20246 | $15,155 | $10,277 |
Total corporate bonds & notes | 10,277 | |
Total bonds, notes & other debt instruments (cost: $113,924,000) | 108,227 | |
Short-term securities 6.69% Money market investments 6.69% | Shares | |
Capital Group Central Cash Fund 0.28%3,7 | 133,611,984 | 13,362,535 |
Total short-term securities (cost: $13,361,222,000) | 13,362,535 | |
Total investment securities 99.91% (cost: $109,525,229,000) | 199,632,875 | |
Other assets less liabilities 0.09% | 188,145 | |
Net assets 100.00% | $199,821,020 |
Investments in affiliates
A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the nine months ended May 31, 2020, appear below.
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized (depreciation) appreciation (000) | Dividend income (000) | Value of affiliates at 5/31/2020 (000) | |
Common stocks 10.54% | ||||||||
Information technology 0.53% | ||||||||
FleetCor Technologies, Inc.2 | 4,245,574 | 1,820,200 | 1,727,156 | 4,338,618 | $144,372 | $(301,209) | $— | $1,057,712 |
Communication services 5.63% | ||||||||
Netflix, Inc.2 | 24,438,914 | 4,741,061 | 2,382,472 | 26,797,503 | 37,259 | 3,507,643 | — | 11,247,716 |
Health care 2.00% | ||||||||
Seattle Genetics, Inc.2 | 8,850,700 | 335,985 | 52,245 | 9,134,440 | 3,200 | 760,813 | — | 1,436,025 |
Insulet Corp.2 | 15,300 | 3,463,460 | 96,288 | 3,382,472 | (645) | 44,502 | — | 637,833 |
Allogene Therapeutics, Inc.2 | 4,238,253 | 6,966,241 | 35,367 | 11,169,127 | 61 | 230,300 | — | 537,905 |
Bluebird Bio, Inc.2 | 5,250,577 | 1,698,815 | 1,452,970 | 5,496,422 | (153,245) | (36,177) | — | 349,737 |
Ultragenyx Pharmaceutical Inc.2 | 4,614,346 | 470,734 | 26,813 | 5,058,267 | 34 | 65,723 | — | 346,289 |
Allakos Inc.2 | 3,972,600 | 684,937 | 25,571 | 4,631,966 | 2,052 | (101,387) | — | 301,078 |
Biohaven Pharmaceutical Holding Co. Ltd.2 | — | 3,639,621 | 7,851 | 3,631,770 | 29 | 31,710 | — | 226,877 |
Madrigal Pharmaceuticals, Inc.2 | 819,405 | — | 4,754 | 814,651 | (35) | 19,044 | — | 94,516 |
Cortexyme, Inc.2 | — | 1,508,153 | — | 1,508,153 | — | (5,903) | — | 69,511 |
BioMarin Pharmaceutical Inc.2,8 | 9,545,516 | 130,700 | 1,180,787 | 8,495,429 | (6,454) | 282,989 | — | — |
3,999,771 | ||||||||
Consumer discretionary 0.22% | ||||||||
Grand Canyon Education, Inc.2 | 1,500,000 | 1,241,238 | 148,994 | 2,592,244 | (5,997) | (43,462) | — | 252,977 |
Mattel, Inc.2 | 23,392,000 | — | 4,051,934 | 19,340,066 | (24,691) | 10,942 | — | 178,122 |
ServiceMaster Global Holdings, Inc.2,8 | 7,780,514 | 1,824,029 | 6,611,241 | 2,993,302 | (270) | (182,104) | — | — |
431,099 |
The Growth Fund of America — Page 9 of 13
unaudited
Investments in affiliates (continued)
Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized (depreciation) appreciation (000) | Dividend income (000) | Value of affiliates at 5/31/2020 (000) | |
Industrials 1.32% | ||||||||
TransDigm Group Inc. | 3,106,300 | 1,522,173 | 1,123,135 | 3,505,338 | $23,399 | $(243,818) | $63,234 | $1,489,138 |
Old Dominion Freight Line, Inc. | 5,974,023 | 2,504,933 | 1,779,830 | 6,699,126 | 48,616 | 396,613 | 3,406 | 1,146,153 |
2,635,291 | ||||||||
Consumer staples 0.20% | ||||||||
Herbalife Nutrition Ltd.2 | 9,145,000 | 28,286 | 53,221 | 9,120,065 | 1,597 | 84,635 | — | 399,824 |
Energy 0.61% | ||||||||
Concho Resources Inc. | 13,140,553 | 2,132,200 | 2,082,142 | 13,190,611 | (161,268) | (138,479) | 7,546 | 719,152 |
Diamondback Energy, Inc. | 11,480,000 | 1,348,300 | 1,267,463 | 11,560,837 | (74,996) | (600,861) | 11,361 | 492,260 |
Weatherford International2 | — | 4,553,973 | 184,251 | 4,369,722 | (5,245) | (102,534) | — | 8,740 |
1,220,152 | ||||||||
Real estate 0.00% | ||||||||
Redfin Corp.2,8 | 5,765,790 | — | 5,765,790 | — | (3,119) | 22,632 | — | — |
Materials 0.03% | ||||||||
Allegheny Technologies Inc.2 | 7,502,100 | — | 43,525 | 7,458,575 | 147 | (83,167) | — | 64,740 |
First Quantum Minerals Ltd.8 | 34,611,924 | — | 34,611,924 | — | (126,955) | 168,696 | — | — |
Alcoa Corp.2,8 | 9,843,000 | — | 7,859,582 | 1,983,418 | (242,083) | 190,351 | — | — |
64,740 | ||||||||
Short-term securities 6.68% | ||||||||
Money market investments 6.68% | ||||||||
Capital Group Central Cash Fund 0.28%7 | 120,293,690 | 185,857,563 | 172,539,269 | 133,611,984 | (900) | 1,376 | 128,529 | 13,362,535 |
Total 17.22% | $(545,137) | $3,978,868 | $214,076 | $34,418,840 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $13,013,251,000, which represented 6.51% of the net assets of the fund. This amount includes $12,627,196,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
4 | Value determined using significant unobservable inputs. |
5 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
6 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $65,844,000, which represented .03% of the net assets of the fund. |
7 | Rate represents the seven-day yield at 5/31/2020. |
8 | Unaffiliated issuer at 5/31/2020. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets |
Waymo LLC, Series A-2, 8.00% noncumulative, preferred shares | 5/1/2020 | $100,000 | $100,000 | .05% |
Verily Life Sciences LLC | 12/21/2018 | 83,000 | 83,909 | .04 |
GM Cruise Holdings LLC, Series F, preferred shares | 5/7/2019 | 95,000 | 73,294 | .04 |
Grail, Inc. | 4/17/2020 | 55,567 | 55,567 | .03 |
JUUL Labs, Inc., Class A | 4/8/2019 | 120,000 | 38,378 | .02 |
Acerta Pharma BV | 5/7/2015 | 15,750 | 34,907 | .01 |
Total private placement securities | $469,317 | $386,055 | .19% |
The Growth Fund of America — Page 10 of 13
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews
The Growth Fund of America — Page 11 of 13
unaudited
changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of May 31, 2020 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $41,188,583 | $4,795,238 | $— | $45,983,821 |
Communication services | 37,460,471 | 251,259 | — | 37,711,730 |
Health care | 33,940,898 | 922,252 | 174,383 | 35,037,533 |
Consumer discretionary | 26,349,611 | 2,491,535 | — | 28,841,146 |
Industrials | 10,660,970 | 1,477,187 | — | 12,138,157 |
Financials | 9,779,271 | 813,181 | — | 10,592,452 |
Consumer staples | 3,791,233 | 847,399 | 38,378 | 4,677,010 |
Energy | 3,824,001 | 64,554 | — | 3,888,555 |
Real estate | 3,168,592 | — | — | 3,168,592 |
Materials | 1,678,056 | 901,977 | — | 2,580,033 |
Utilities | 214,029 | — | — | 214,029 |
Preferred securities | 1,091,358 | 62,614 | 173,294 | 1,327,266 |
Rights & warrants | 1,789 | — | — | 1,789 |
Bonds, notes & other debt instruments | — | 108,227 | — | 108,227 |
Short-term securities | 13,362,535 | — | — | 13,362,535 |
Total | $186,511,397 | $12,735,423 | $386,055 | $199,632,875 |
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
GBP = British pounds |
The Growth Fund of America — Page 12 of 13
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2020 Capital Group. All rights reserved.
MFGEFPX-005-0720O-S78102 | The Growth Fund of America — Page 13 of 13 |